Jeffrey Sachs
Jeffrey Sachs
Jeffrey David Sachsis an American economist and director of The Earth Institute at Columbia University, where he holds the title of University Professor, the highest rank Columbia bestows on its faculty. He is known as one of the world's leading experts on economic development and the fight against poverty...
NationalityAmerican
ProfessionTeacher
Date of Birth5 November 1954
CountryUnited States of America
amazing countries cut developing essential exporting goods progress purchase rest truth
The essential truth for developing countries is, if you try to live by yourself, you will cut yourself off from the amazing progress of world technology. You won't be able to purchase the goods that you need from abroad, because you're not exporting to the rest of the world. You have to be part of the world system.
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The essence of Africa's crisis is fundamentally its extreme poverty.
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America's planned contribution to the global AIDS fund is around a sixth of what is needed in 2003, according to the fund itself.
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If the whole world went into recession, all the major central banks could cut interest rates and expand the money supply.
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For many parts of the world, the chasm that has to be crossed to get from where they were, whether it's a dictatorship, economic collapse, financial crisis or all of the above, to the other side, that is a working market economy and a functioning democracy, is extraordinarily difficult and requires help.
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Most companies that are interested in working in the poorest places don't know how to do it right now, ... don't know how we fit in the broader scheme. This provides a framework where all of this makes sense. The private initiative can get this process going. I am counting not only on financing, but technology and ideas. There's going to be a tremendous amount of learning about best approaches.
cutting agency hands
Despite a decade of criticism and budget cuts, the specialised UN agencies have far more expertise and hands-on experience than any other organisations in the world.
The debts are unaffordable. If they won't cancel the debts I would suggest obstruction; you do it yourselves.
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If you have billions and billions of dollars coming due in a country in a short period of time, and if a sense of panic develops among your creditors, so that everybody demands the money out all at once, it's almost inevitable that the debtor economy will collapse, because it won't be able to come up with that amount of money in a short period.
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Trade is important, but I visit places that are so cut off from world markets that they aren't really part of the local economy, let alone the world economy.
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I'm focusing on a world divided between rich and poor, and a world that doesn't seem to be able to manage the natural base of our lives: air, oceans, or biodiversity. It's a mistake to think that globalization is automatically beneficent and should run its due course-but also to think that it ought to be shut down.
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It's not so unusual to run out of someone else's currency.
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If you have a lot of short-term debt, it means that all of that money can be demanded in a very short period of time. Technically, short-term debt means money that's coming due within a year. Typically, it means money that's coming due within 30 to 90 days.
fun waiting bitter
The longer you wait, the less fun. If you wait until the bitter end, the whole economy can be destroyed.